Statement re TT Electronics plc

Volex PLC

12 December 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").  

FOR IMMEDIATE RELEASE

12 December 2024

Volex plc ("Volex")

No intention to make an offer for TT Electronics plc ("TT Electronics")

Further to its announcement on 15 November 2024, Volex confirms that it does not intend to make an offer for TT Electronics.

Lord Rothschild, Executive Chairman of Volex, commented:

"Volex remains resolutely disciplined in how it allocates capital and, applying that principle, we will not proceed with an offer for TT Electronics as it is now clear that the Board of TT Electronics is not willing to recommend an offer at a valuation that is also acceptable to Volex.

Volex remains confident in its ability to meet full year expectations and remains focussed on delivering its five-year plan."

This is a statement to which Rule 2.8 of the Code applies.

Under Note 2 on Rule 2.8 of the Code, Volex reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:

a)   with the agreement of the board of TT Electronics;

b)   if a third party announces a firm intention to make an offer for TT Electronics;

c)   if TT Electronics announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and

d)   if there has been a material change of circumstances (as determined by the Takeover Panel)

Enquiries:

Volex plc                                                                                                          [phone]

Lord Rothschild, Executive Chairman

Jon Boaden, Chief Financial Officer

 

END